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emma爱地球 · 2025年01月11日

DDM

NO.PZ2023040301000145

问题如下:

The best model to use when valuing a voting dividend-paying company that is just entering the growth phase is most likely the:

选项:

A.

Gordon growth model

B.

two-stage dividend discount model

C.

three-stage dividend discount model

解释:

The Gordon growth model is best suited to valuing mature companies. The two-stage model is best for companies that are transitioning from a growth stage to a mature stage. The three-stage model is appropriate for young companies just entering the growth phase.

The best model to use when valuing a voting dividend-paying company that is just entering the growth phase is most likely the:

选项:

A.

Gordon growth model

B.

two-stage dividend discount model

C.

three-stage dividend discount mode


【JUST ENTER】代表才刚进入吧,怎么会用多阶段的模型呢?这个时候应该只有一种折现率吧?

1 个答案

王园圆_品职助教 · 2025年01月11日

同学你好,就是因为才进入增长阶段,这个公司未来的增长率才不可能只有一种呢——一个刚进入增长的公司增速都是超高的,如果永远只按照这种超高的折现率永续增长下去,那理论上这个公司岂不是可以变得无限巨大,最后甚至大过整个国家?

按照公司的生命周期理论,最起码公司要进入一段高速增长期,然后进入相对中速的增长期,最后再进入成熟期的低速增长期(也就是增长率几乎和GDP增速保持一致),这样这个公司的发展才符合客观规律呢

请看下面讲义截图,讲义这里也已经讲到了,才进入增长期的公司,是适用三阶段DDM模型的

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